What actually is a purpose statement and does a small business or SME really need one? A very concise purpose of a purpose statement is that it defines why a business is in existence, what it stands for, what it intends to accomplish, and/or benefits it seeks to provide to its various stakeholders. To a…

Too often a recurring philosophy is that market research is (1) only beneficial for large companies or (2) too expensive for small businesses and SMEs. Certainly, market research is beneficial to large companies, but it is equally important and beneficial to small businesses and SMEs, as well. The Process The beauty of market research is…

Growth and success in a small business or SME is not accomplished overnight or by accident. A business owner must prepare for growth and eventual success by focusing on five basic “P” principles…plan, people, prioritize, processes, and pace. When these are mastered, you’ll see a business headed in the right direction.  1. Plan Owners must…

It is imperative for a small business to make the most of every dollar spent on marketing. Various sources of marketing must be thoroughly analyzed for the immediate return on investment, subsequent return on investment, and general branding. Unfortunately, many small businesses do not take full advantage of resources available that can stretch the amount…

Good leadership is incredibly important for any business regardless of size. Whether an individual is an owner, executive, director, manager, or supervisor, business success is a by-product of good leadership. Business leadership inspires employees to achieve common goals. Successful leaders do not demand but, instead, motivate employees to pursue paths of action that align with…

Financial statements…every business produces them…or should. In most small businesses or SMEs, they are most likely prepared monthly or quarterly and certainly should be prepared more often than only annually. Of course, the more frequently financial statements are prepared, the better. During the current financial crisis caused by the global pandemic, financial statements can help…

It’s a constant struggle in any small business or SME to improve operations, keep customers satisfied, grow revenues, and improve profits…especially in the aftermath of a pandemic when most businesses are hurting for both cash and customers. During these challenging times, businesses must look for ways to enhance business without a further drain on cash…

Technology changed the world. Walmart and Amazon changed the world. And, COVID certainly changed the world, as well. It wrecked businesses and countless lives around the globe not to mention the devastating amount of wide-reaching deaths. Although a sense of normalcy has returned in some parts of the world, other parts are still reeling from…

‘Oh, oh, oh!’ shouted the Queen, shaking her hand about as if she wanted to shake it off. ‘My finger’s bleeding! Oh, oh, oh, oh!’Her screams were so exactly like the whistle of a steam-engine, that Alice had to hold both her hands over her ears.‘What is the matter?’ she said, as soon as there was a…

So pleased I will be presenting a seminar for Renew Nashville on small business planning and execution. In this session, you will learn how to define and execute a plan to compete in the marketplace and get the results you desire. At the end of this session, you will have a plan of daily actions…

Businesses of any size can use measurements (KPIs or key process indicators) to improve operations and, ultimately, net profit. Key measurements can and should be used to assist in operational analysis and, ultimately, drive business improvements. It is a must for business owners and managers to understand performance on both a company-wide level and “drilling…

It is well documented that the failure rate for small businesses and SMEs is staggering. By most estimates, 70% of startups will be operating in two years, but only 50% will still be operating in five years (U.S. statistics). Although these percentages might differ (plus or minus) to some extent depending on what website or…